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i have the greatest respect for jack lew. i know him as a man exceptional judgment, calm under pressure, with an extraordinary record of experience over decades spent at the center of american economic policy. he is committed to defending the safety net for the elderly and poor. he understands what it takes to create the conditions for stronger economic growth and broader economic opportunity. and he understands that to govern responsibly, is to govern with the recognition that we have limited fiscal resources. now like jack, i've spent my professional life in this world of public policy and public service, and as all of you know, our families carry a large share of the burdens we assume in public life. and i feel incredibly fortunate that my wife, carol, and my family, have been willing to allow me to do this. and i thank them for their support and their patience and i understand their occasional impatience. i want to express my admiration and my appreciation for the women and men of the treasury department. those who came t
i have the greatest respect for jack lew. i know him as a man exceptional judgment, calm under pressure, with an extraordinary record of experience over decades spent at the center of american economic policy. he is committed to defending the safety net for the elderly and poor. he understands what it takes to create the conditions for stronger economic growth and broader economic opportunity. and he understands that to govern responsibly, is to govern with the recognition that we have limited...
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well, for heaven sakes, jack lew was on wall street for a year. he ran the alternative investments at citibank and he got $1 million bonus to that and $1 million cash compensation on top of that. i don't begrudge him that. i'm a free market guy. but his boss begrudges people who made money and lew did that in one year. if you live by the sword, you die by the sword. >> well, again, he is in sync with his boss, president obama, and i think obama's willing to overlook those transgressions as long as you see the world the way he does. and in terms of governor dean, i almost think i'm re-hearing herbert hoover about the need to fight the deficit by raising taxes. raising taxes -- >> and cutting spending. >> raising taxes is not the way to go. and you look at europe, they're raising taxes, japan is raising taxes and the result is a disaster. as you know, if we had normal growth economy, say 4%, which shouldn't be hard to do after what we've been through, you'd get an extra $400 billion, $500 billion right off the bat, instant, painless. >> howard, what
well, for heaven sakes, jack lew was on wall street for a year. he ran the alternative investments at citibank and he got $1 million bonus to that and $1 million cash compensation on top of that. i don't begrudge him that. i'm a free market guy. but his boss begrudges people who made money and lew did that in one year. if you live by the sword, you die by the sword. >> well, again, he is in sync with his boss, president obama, and i think obama's willing to overlook those transgressions...
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>> steve, you were right on the money with the jack lew prediction. you and i had this conversation, but i just wonder, you know, there's this antagonistic relationship between the white house and business. >> right. >> there were a handful of business guys in the mix that wanted the job. larry fink. would it be sort of better as a perception from the market or perception of business to put a business guy in there to help the relationship, help the togetherness of business in washington so we actually get some job creation going? what's your take on this choice? >> i don't disagree with the signal that could have been sent had somebody else been chosen. >> exactly. >> no doubt about that. it could have been an olive branch to the business community. i think that's for sure, and president obama did have several candidates who he could have chosen from in that regard. >> right. >> so i think that's very important, but i think right now president obama says, you know what? i've got a problem with congress. i've got a problem with the debt ceiling. let me
>> steve, you were right on the money with the jack lew prediction. you and i had this conversation, but i just wonder, you know, there's this antagonistic relationship between the white house and business. >> right. >> there were a handful of business guys in the mix that wanted the job. larry fink. would it be sort of better as a perception from the market or perception of business to put a business guy in there to help the relationship, help the togetherness of business in...
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i don't think jack lew brings that to the table. whether or not the other attributes he has make up for that we'll have to wait and see. >> i was going to ask you if you didn't end your report with that, i was going to ask you to say what you just said, what you said to me off camera -- and i'll tell you, when you said it, i'll tell you what struck me. sometimes i think you're implying that if the administration needs to sell something to maybe the private sector, it helps to say, you know, geithner's for it. or it helps to say paulson was for it. it helps to say robert reuben is for this. and in this case they won't necessarily be able to make that. but they don't -- see where i disagree with you, i don't think they care that they don't sell it. they don't need to sell it. >> i don't care if they care. they should care. it does matter. we are entering really interesting times when it comes to a need to rethink our corporate tax system, rethink our individual tax system. rethink entitlements. all of these things. it would have been,
i don't think jack lew brings that to the table. whether or not the other attributes he has make up for that we'll have to wait and see. >> i was going to ask you if you didn't end your report with that, i was going to ask you to say what you just said, what you said to me off camera -- and i'll tell you, when you said it, i'll tell you what struck me. sometimes i think you're implying that if the administration needs to sell something to maybe the private sector, it helps to say, you...
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jack lew officially nominated as treasury chief. lew is known for his role in the being acrimonious talks in 2011. what could it mean this time. >> tiffany disappoints again with weaker holiday sales. there was weakness in the americas, strength in asia. so how much of a read through to the rest of retail is this earnings report? >>> nokia shares soaring this morning after a bullish outlook for the first quarter. >>> and herbal life's big day to defend itself against bill ackman's damning allegations. we'll have the latest and the ceo join us later in the show. >>> well, today president obama is set to nominate white house chief of staff jack lew as his next treasury secretary. succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a fo
jack lew officially nominated as treasury chief. lew is known for his role in the being acrimonious talks in 2011. what could it mean this time. >> tiffany disappoints again with weaker holiday sales. there was weakness in the americas, strength in asia. so how much of a read through to the rest of retail is this earnings report? >>> nokia shares soaring this morning after a bullish outlook for the first quarter. >>> and herbal life's big day to defend itself against...
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i think jack lew is going to be the same. what was interesting is the geithner treasury has not been especially public treasury, but the idea with jack lew, it will be even less public than that. >> good point. lew not a friend of the camera, as even the president suggested in that presser yesterday. >> exactly. >> thanks a lot, steve lies plan. >> planes, trains and automobiles, dow transports rising, hitting the third consecutive interday high. big names like goldman getting more bullish on the sector. is a run-up almost over? we're talking tranies a little later on. robert frank is coming to the post for the million-dollar minute. >> melissa, i've got the hottest new toy for billionaires. and why this toy made some big news this week. that's coming up on "squawk on [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at
i think jack lew is going to be the same. what was interesting is the geithner treasury has not been especially public treasury, but the idea with jack lew, it will be even less public than that. >> good point. lew not a friend of the camera, as even the president suggested in that presser yesterday. >> exactly. >> thanks a lot, steve lies plan. >> planes, trains and automobiles, dow transports rising, hitting the third consecutive interday high. big names like goldman...
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Jan 11, 2013
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unclear if that's going to mean a seamless transition with the president's nominee jack lew since it seems unlikely at this point lew will be confirmed by the senate before geithner leaves. so maybe the deputy secretary will fill that gap. geithner, if he wants one, can have almost any finance job that he wants. he'll take at least six months to consider his option. they don't say whether or not he wants to go into finance. the question is what kind of job would be appropriate for geithner to take given that he was intimately involved in bank rescue operations over the past several years? and what kind of job could he take in the post-crisis world and still be eligible to come back into government if he wanted? fed chairman ben bernanke, he's expected to move on after his term expires in 2014, and geithner would clearly be someone the president would consider. according to sources, geithner wouldn't want the job but the president has been very successful in getting geithner to do things he hasn't wanted to, like stay on treasury for an extra year or two and geitner has been making ab
unclear if that's going to mean a seamless transition with the president's nominee jack lew since it seems unlikely at this point lew will be confirmed by the senate before geithner leaves. so maybe the deputy secretary will fill that gap. geithner, if he wants one, can have almost any finance job that he wants. he'll take at least six months to consider his option. they don't say whether or not he wants to go into finance. the question is what kind of job would be appropriate for geithner to...
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we'll talk to you about if you're feelings of jack lew in a moment. on the deal that we did. you see everybody's taken the zeros off of what we owe and everybody's seen that now. i guess we're making $23,000 a year, we're spending $38,000. so we're adding $16,000 to our credit card bill every year. and we already owe $160,000 on our credit card bill. and the fiscal cliff deal cut $38 off of our expenses or something when you take everything off. is that -- >> actually worse than that. >> how can it be worse? >> actually our cliff bill was an absolute embarrassment to the united states of america. let me clarify. if we had gone over the cliff, it would have been an "f." and a total failure of our system. but when you analyze the bill, it was an "f" on spending. we actually increased spending. we didn't reduce 13e7bding. we increased spending. >> all the democrats tell me that there was already a trillion dollars of spending cuts that -- i didn't -- >> that was from august 2011. okay, but what i'm saying is, if you just look at this bill in isolation, it increased spending. it
we'll talk to you about if you're feelings of jack lew in a moment. on the deal that we did. you see everybody's taken the zeros off of what we owe and everybody's seen that now. i guess we're making $23,000 a year, we're spending $38,000. so we're adding $16,000 to our credit card bill every year. and we already owe $160,000 on our credit card bill. and the fiscal cliff deal cut $38 off of our expenses or something when you take everything off. is that -- >> actually worse than that....